Allison Demurs: Welcome to today’s CT Buzz. I’m Allison Demurs. Ben Fuchs, founder of Fuchs Financial, is with us today to talk about the potential impact all that’s happening in the world could have on your retirement savings and what financial experts are saying about what’s ahead. In addition to being a certified financial planner, Ben is also a certified private wealth advisor professional. Okay, Ben, there’s been a lot of uncertainty and considerable turmoil. How is that impacting your clients and their retirement planning? What are people worried about right now? Ben Fuchs: I mean, everything, right? You’ve got, you know, little scuffle in Iran. We still have things going on in Ukraine. I think people have forgotten that we took over Venezuela by proxy. It almost seems like a calculated move now that we have oil. Regardless, there’s so much going on right now. And not just that—even before all that happened. When we were in Davos in January, the German chancellor said that the old world order is unraveling at a breathtaking pace, which is horrifying. These people that used to be allies of the United States in Europe and overseas are now questioning whether that still makes sense. You know, this idea of taking over Greenland—that was still kind of running around in the background. So there’s so much uncertainty right now, but your retirement doesn’t have to be. Allison Demurs: Wonderful. All right. So how can you help people deal with all of that and still manage to retire with confidence? They want to know they’ll be able to weather whatever storm comes along and that the money they’ve worked so hard to earn will be there when they need it. Ben Fuchs: I mean, listen, we take all of that into account. Even without war, there are normal bumps and bruises in the market. Every other year we expect to see at some point like a 10 to 15% decline in the stock market. People don’t worry about that while they’re working, but when they’re retired, that hits differently. So we talk about this three-bucket strategy. We put money into three separate buckets. The most important one is the income bucket—where is my income coming from when I retire? How do I replace my paycheck? The second most important is the safety net. When the things generating income stop, where does the money come from next? And because of that structure, I can sleep at night. When you manage a couple hundred people’s retirement, you sweat a little when things happen. Without this system, I’d have lost a lot more hair than I already have. Ben Fuchs (continued): We also still need money in the stock market. So how do you do that when you’re retired and don’t have time to rebuild? We look at the long term. Not one or two years, but five or ten years. We can’t predict exactly when markets will turn around. But what we do know is that over time, markets tend to grow. So we stay invested because we’ll need that growth for future income, especially as expenses rise. Allison Demurs: Great advice. Does this strategy give people more comfort and confidence that even in unpredictable times, their money will be there when they need it? Ben Fuchs: Absolutely—that’s the whole point. We also focus on educating clients. Some people say, “Ben, we trust you, just handle it.” And I appreciate that, but I want them to understand why we’re doing what we’re doing. That way, when one part of their portfolio goes down, they know another part is stable. And they know exactly where to pull money from without hurting their long-term plan. Allison Demurs: Wonderful. Thank you—that’s very helpful and a great way to help people retire with confidence even in turbulent times. Fuchs Financial has offices across Connecticut in Middletown, West Hartford, Glastonbury, and Mystic. Your initial consultation is complimentary, no obligation. Your appointment is just a phone call away at 860-461-1709. Ben Fuchs: Or folks can visit our website, taxesandincome.com, and set up an appointment. We’d be happy to provide a second opinion or help develop a customized retirement plan. Allison Demurs: Thank you for joining us for today’s CT Buzz. I’m Allison Demurs. We’ll see you next time.
